Ethereum Bull Market Underway as Bitmine Nears 6M Token Milestone
Bitmine chairman Tom Lee believes that the crypto bull market has begun and will strengthen in the fourth quarter of this year. He points to Ethereum's outperformance over other macro assets by 6,519 basis points this quarter as a precursor to further gains.
In an update on Bitmine's Ethereum treasury, the company added another 27,562 ETH worth approximately $75 million, bringing its total holdings to nearly 5.98 million tokens. This represents more than 85% of its total Ethereum holdings and has generated significant staking revenue for the company.
Lee expects institutional exposure to increase in the final three months of 2026, which could add meaningful upside to the gains seen since June 30. He notes that institutions remain underweight crypto but believes this allocation gap will narrow during the remainder of 2026.